The net asset value of EfTEN Real Estate Fund AS shares as of 31.05.2024

EfTEN Real Estate Fund AS consolidated rental income was 2,589 thousand euros in May, an increase of 44 thousand euros compared to April. The growth in rental income was driven by turnover rents from shopping centers and from the seasonal revenue. The Fund's consolidated EBITDA for May was 2,253 thousand euros, which is 78 thousand euros higher than the previous month. The May EBITDA includes a one-time income of 29 thousand euros from establishing an easement on a logistics center property in Tallinn.

The consolidated rental income for the first five months of this year totaled 12,771 thousand euros, representing a 1% increase compared to the same period last year. The Fund's EBITDA for the five months this year is 10,889 thousand euros, also a 1% increase compared to the same period last year.

The vacancy rate of the Fund's real estate portfolio decreased from 3.0% in April to 2.7% in May, due to the leasing of the remaining vacant spaces in the Ulonu office building in Vilnius. As of the end of May, the Fund had 8,913 square meters of vacant space, including 6,744 square meters in the office space segment.

During the first five months of 2024, EfTEN Real Estate Fund AS generated 4,329 thousand euros in free cash flow (EBITDA minus loan payments minus interest expenses), which is 665 thousand euros less compared to the same period last year. The decrease in cash flow is primarily due to the increase in EURIBOR. Based on the results for the first five months of this year, the potential gross dividend is calculated to be 32.01 cents per share (13% less than the same period last year).

The weighted average interest rate on the bank loans of the Fund's subsidiaries was 5.78% at the end of May. Compared to the end of 2023, the weighted average interest rate has decreased by 0.13 percentage points.

The net asset value per share of EfTEN Real Estate Fund AS as of 31.05.2024 was 19.8038 euros, and the EPRA NRV was 20.6066 euros. The net asset value per share increased by a usual 0.7% in May.

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

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• EREF_reports_monthly_05.2024